| EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share from net income (loss) for the respective periods and basic and diluted shares outstanding: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | (In millions, except per share data) | 2026 | | 2025 | | 2026 | | 2025 | | Basic earnings (loss) per share: | | | | | | | | | Net income (loss) | $ | 28 | | | $ | 3 | | | $ | 73 | | | $ | (170) | | | Weighted average number of shares outstanding | 52.1 | | | 52.1 | | | 52.1 | | | 51.9 | | | Basic earnings per share from net income (loss) | $ | 0.54 | | | $ | 0.07 | | | $ | 1.40 | | | $ | (3.27) | | | Diluted earnings (loss) per share: | | | | | | | | | Net income (loss) | $ | 28 | | | $ | 3 | | | $ | 73 | | | $ | (170) | | | Weighted average number of shares outstanding | 52.1 | | | 52.1 | | | 52.1 | | | 51.9 | | | Effect of dilutive securities: | | | | | | | | Restricted stock (1) | 0.1 | | | 0.1 | | | 0.2 | | | — | | | Total shares and dilutive securities | 52.2 | | | 52.2 | | | 52.3 | | | 51.9 | | | Diluted earnings per share from net income (loss) | $ | 0.54 | | | $ | 0.07 | | | $ | 1.40 | | | $ | (3.27) | | | | | | | | | | Restricted stock shares with anti-dilutive effect excluded from the computation of diluted earnings per share(1) | — | | | — | | | — | | | 0.1 | |
(1) As a result of the net loss recognized for the six months ended June 30, 2025, the effect of unvested equity awards was antidilutive and has been excluded from the diluted earnings per share calculation.
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